According to the FBI, Brady Bunte owned and operated Trust One Mortgage in Orange County, Calif., which funded mortgages through various banks. In 2007 and 2008 Trust One Mortgage maintained a revolving warehouse line of credit with National City Bank, which it used to fund mortgages.
During that time, Bunte submitted fraudulent funding requests on its line of credit.
“From March 2007 through November 2008, Bunte caused Trust One to submit fraudulent funding requests on its warehouse line of credit to National City Bank,” the FBI wrote in a release. “The fraudulent funding request caused National City Bank to incur a loss of $12,744,678.16.”
Bunte was charged on September 18, 2014 and arraigned on the charge on September 29.
He is scheduled for sentencing on November 2, 2015 before Chief District Judge Joseph McKinley Jr. in Louisville.
The former owner of a California-based mortgage lending company pleaded guilty to fraud in a U.S. court earlier this week and has been found guilty of defrauding National City Bank of $12,744,678.